Analytics application transforms data into visual business insights for brokerages
University Park, Ill (Feb. 28, 2014) – Applied Systems has announced the general release of its new analytics application, Applied PerformanceManagement, in the United States and Canada. Applied PerformanceManagement is the first application designed for insurance brokerages to transform their data into visual business insights that enable executives to make more informed decisions for greater business performance.
Applied PerformanceManagement analyzes brokerage management system data stored in Applied Epic and Applied TAM and quickly generates multidimensional visual representations of business performance over time based on key performance indicators used by insurance brokerages. With the software, brokerage executives attain a greater understanding of their clients, prospects, internal operations and insurer relationships to increase growth and profitability.
“Applied PerformanceManagement enables us to better understand our customers, insurer relationships and the markets we serve,” said Joe Pratts, chief operating officer, Hoffman Brown Company, one of the beta customers for Applied PerformanceManagement. “Its intuitive dashboard interface and visual representations allow us to make quicker, data-driven decisions that drive better business results.”
Key benefits of Applied PerformanceManagement:
- Strengthen client relationships, retention and market share with greater visibility into client revenue and policy retention, enabling brokerages to make better decisions that lead to stronger client relationships and new customers.
- Build more profitable insurer relationships through a multidimensional view of quoting and policy activities with insurers to better understand profitability trends, gaps and opportunities.
- Manage productivity more precisely with insights to optimize your workforce for greater productivity and deploy resources to maximize profitability based on a comprehensive assessment of employee productivity, producer workload, revenue per employee and other metrics.
- Identify high and low performing areas and growth opportunities by understanding how to more effectively market to customers based on geography, coverage gaps and retention percentages across multiple time periods.
“The business of insurance is inherently data-driven, creating vast potential for brokerages to leverage their own data for insights that strengthen customer relationships, build market share and increase profitability,” said Michael Howe, senior vice president of product management, Applied Systems. “With Applied PerformanceManagement, we continue our track record of innovation and first-to-market products that enable our customers to become stronger businesses by leveraging new technologies.”
For more information, please visit the Applied PerformanceManagement information site.
About Applied Systems
Applied Systems is a leading provider of software that powers the business of insurance. Applied is recognized as a pioneer in brokerage management systems and data exchange between brokerages, insurers and their clients. Automating the insurance lifecycle for more than 140,000 insurance professionals, 12,000 brokerages, and 350 insurers worldwide, Applied enables millions of people around the world to safeguard and protect what matters most.
SOURCE: Applied Systems